21st February 2024

South Africa Sets May 29 Election Date

President Cyril Ramaphosa announced South Africa's upcoming elections on May 29, signaling a pivotal moment for his ruling party. Facing its most significant opposition since coming to power, the African National Congress confronts issues of unemployment, inequality, and corruption. The vote marks the first opportunity for independent candidates to compete nationally, highlighting a shifting political landscape. Ramaphosa's announcement precedes the annual budget presentation, underscoring the economic challenges shaping the electoral debate. With polls suggesting a potential loss of majority support, the ANC braces for a closely watched electoral contest.

Democratic Republic of Congo PM Resigns

Jean-Michel Sama Lukonde, Prime Minister of the Democratic Republic of Congo, resigned, prompting the dissolution of his government, as announced by the presidency. Lukonde tendered his resignation to President Felix Tshisekedi days after validating his mandate as a national deputy, intending to join parliament. Lukonde, appointed in February 2021, will now focus on coalition-building within the National Assembly after Tshisekedi's reelection in December. This move signals a strategic shift in Congo's political landscape as Tshisekedi navigates coalition dynamics to form his next government.

Ethiopia Considers Selling State-Owned Telecom

Ethiopia's Prime Minister Abiy Ahmed disclosed plans to sell a 10% share of state-owned Ethio Telecom through a local stock exchange launch. The move aims to liberalize the telecoms sector, initially seen as a lucrative opportunity for investors. However, challenges like security issues and regulatory uncertainties have dampened interest. French telecom giant Orange withdrew its bid for a substantial stake last November. Abiy's announcement underscores efforts to bolster the economy through privatization, but details on the board's decision remain undisclosed. The initiative aligns with Ethiopia's aspirations for growth and capital influx.

First Quantum Overhauls Zambian Operations

First Quantum Minerals Ltd (FQM) is restructuring key leadership roles at its Zambian mines to address production and safety challenges, revealed an internal memo obtained by Reuters. The move follows setbacks including the sudden closure of its flagship Panama mine. Meiring Burger and Axel Kottgen have been promoted to bolster operations at the Kansanshi mine, while Anthony Mukutuma will focus on external relations. Despite the turmoil, FQM affirms commitments to Zambian investments. However, challenges persist, with lower copper production recorded in 2023. Fitch ratings have raised concerns over the potential impact on the company's financial standing.